Luxury carmaker Ferrari is set to revolutionize its payment options by accepting cryptocurrency for purchases in the U.S., a report by Reuters said.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, highlighted the move as a strategic effort to connect with a broader audience, including those who may not traditionally be Ferrari clients but have invested in cryptocurrencies.
To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, a renowned cryptocurrency payment processor. Bitcoin, ether, and the stablecoin USDC will be among the accepted digital currencies, with the caveat that they will be swiftly converted into fiat currencies to mitigate the impact of crypto price volatility for dealers.
Responding to market demands and dealer requests, the iconic brand aims to start accepting crypto payment in Europe shortly.
The company remains cautious in its expansion strategy, excluding countries with cryptocurrency restrictions, such as China, from the initiative. Galliera emphasized that despite Ferrari’s order portfolio being fully booked until 2025, the foray into cryptocurrency payments serves as an experimental step to potentially attract new customers.
Ferrari’s decision follows in the footsteps of electric car manufacturer Tesla, which embraced bitcoin payments in 2021. However, Tesla’s CEO Elon Musk later suspended this payment option for car purchases, citing environmental concerns. As Ferrari takes this bold step into the crypto realm, the luxury automotive industry witnesses a significant evolution in payment preferences.
